Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached:

MAM Funds plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

ü

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

ü

Other (please specify):

Disclosure of revised position following listing of the share placing shares combined with the disposal entire share holding.

3. Full name of person(s) subject to the notification obligation:

Hiscox plc.

4. Full name of shareholder(s)(if different from 3.):

5. Date of the transaction and date on which the threshold is crossed or reached:

Placing on the 15 February 2011 and disposal on 16 February 2011.

6. Date on which issuer notified:

18 February 2011

7. Threshold(s) that is/are crossed or reached:

As a combination of result of placing and subsequent disposal the holding reduced from 3.15% down to 0%

8. Notified details:

A: Voting rights attached to shares

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

GB 00B01WR582

2,193,388

2,193,388

2,193,388

2,193,388

2,193,388

0

1.66%

0%

GB 00B01WR582

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate

Exercise/Conversion Period

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

N/A

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date

Exercise/Conversion period

Number of voting rights instrument refers to

% of voting rights

N/A

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

Nil

Nil

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable:

N/A

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

Notification of the total voting rights of 132,500,736

14. Contact name:

G D Astor

15. Contact telephone number:

+44 207 448 6148